Portage Biotech (NASDAQ:PRTG) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Portage Biotech (NASDAQ:PRTG) released its quarterly earnings results on Tuesday. The company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.25) by $0.03, MarketWatch Earnings reports.

Shares of NASDAQ:PRTG opened at $16.29 on Thursday. The stock’s 50-day moving average price is $20.50 and its 200-day moving average price is $22.38. Portage Biotech has a 12-month low of $11.85 and a 12-month high of $44.98.

Several large investors have recently made changes to their positions in the company. American International Group Inc. grew its stake in shares of Portage Biotech by 35.4% during the third quarter. American International Group Inc. now owns 2,736 shares of the company’s stock valued at $56,000 after buying an additional 716 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Portage Biotech by 141.8% during the third quarter. Millennium Management LLC now owns 28,210 shares of the company’s stock worth $573,000 after purchasing an additional 16,543 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Portage Biotech by 30.2% during the third quarter. Geode Capital Management LLC now owns 45,629 shares of the company’s stock worth $927,000 after purchasing an additional 10,590 shares during the period. Morgan Stanley lifted its holdings in Portage Biotech by 36.9% in the second quarter. Morgan Stanley now owns 10,990 shares of the company’s stock worth $230,000 after buying an additional 2,962 shares during the period. Finally, Bank of America Corp DE purchased a new stake in Portage Biotech in the second quarter worth about $38,000. 7.10% of the stock is currently owned by hedge funds and other institutional investors.

PRTG has been the topic of several research analyst reports. Oppenheimer assumed coverage on shares of Portage Biotech in a report on Monday, September 20th. They issued an “outperform” rating and a $30.00 price target on the stock. Cantor Fitzgerald assumed coverage on Portage Biotech in a research note on Thursday, August 19th. They issued an “overweight” rating and a $35.00 target price on the stock. Finally, B. Riley assumed coverage on Portage Biotech in a research note on Thursday, September 2nd. They issued a “buy” rating and a $40.00 target price on the stock.

Portage Biotech Company Profile

Portage Biotech Inc, together with its subsidiaries, researches and develops pharmaceutical and biotechnology products. The company's product includes IMM60, an iNKT cell activator; IMM65, a PLGA-nanoparticle combined with a NY-ESO-1 peptide vaccine; INT230-6 that is in Phase I/II clinical trials for the treatment of solid tumors; STING, a small molecule that binds to the stimulator of interferon genes in cancer; CellPorter, a cell permeable peptide platform technology derived from human proteins; PPL-003, an ophthalmic solution; and SBI-101, a blood-conditioning technology to restore balance to the immune system after acute vital organ injury, such as acute kidney injury.

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